"There is no reason to be happy with 1.5 per cent of export. In the next few years, Indian steel exports should increase to 6-7 per cent of total production," Singh said at an interactive session with members of Bharat Chamber of Commerce here.

The minister was speaking on the improving fortunes of steel makers, following protective measures by the government like the minimum import price and anti-dumping duty.

Singh said with these steps, India has become a net exporter of steel, and imports had come down by 40-45 per cent.

India was lagging behind in research and innovation technology with regard to steel production, he said, adding, a Cabinet note will be moved next week for the proposed Steel Research and Technology Mission of India (SRTMI).

The steel ministry is planning to merge all its research bodies under the SRTMI. The government has said the initial corpus for setting up of this umbrella institute is Rs 200 crore.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)